Latest news with #supplementarybudget
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
South Korea president calls for extra budget to be ready swiftly
South Korea's economy contracted in the first three months of the year as exports and consumption stalled amid US tariff fears. (EPA Images pic) SEOUL : South Korean President Lee Jae-myung urged officials today to swiftly draw up a supplementary budget plan aimed at supporting economic recovery and spurring consumption, his office said. Lee, who took office last week, has made economic recovery a priority, launching an emergency economy taskforce with government officials. The economy contracted in the first three months of the year as exports and consumption stalled amid fear over the impact of US tariffs, fanning expectations of interest rate cuts. If the extra budget is finalised under Lee, that would add to the country's earlier supplementary budget of ₩13.8 trillion (US$9.7 billion) approved on May 1. During his election campaign, Lee had emphasised the need for an extra budget to provide short-term economic stimulus. At the taskforce meeting today, he also asked for measures to stabilise prices, saying the increasing cost of living is causing 'too much pain'. 'Prices are causing too much pain for the people, so please check the current situation and see if there are any possible measures and report them even before the next meeting,' Lee said, referring to higher prices of instant noodles. Prices of chicken and eggs have risen since an outbreak of avian flu in Brazil, a vice finance minister told Lee during the meeting. The government has restricted chicken imports from avian flu-affected areas in Brazil. The left-leaning president is expected to pursue fiscal expansion policies, including increased cash subsidies and welfare, aimed at bolstering economic growth despite concerns over rising debt levels.
Japan Times
13-05-2025
- Business
- Japan Times
LDP and Komeito agree to draft supplementary budget before autumn session
Senior officials of the ruling Liberal Democratic Party and its coalition partner, Komeito, agreed Tuesday on the need to draft a supplementary budget before a possible extraordinary session of the Diet this autumn. The supplementary budget is expected to fund measures to deal with inflation and the impact of U.S. President Donald Trump's tariffs. The LDP-Komeito coalition plans to draw up economic measures, including subsidies to reduce electricity and gas bills for July to September, ahead of this summer's House of Councilors election. "We need a (supplementary) budget to strongly implement economic measures," LDP Diet affairs chief Tetsushi Sakamoto told reporters after meeting with his Komeito counterpart and the secretaries-general of both parties. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW The LDP and Komeito officials also agreed to include in the government's forthcoming basic economic and fiscal policy measures to reduce the financial burden of education and to tackle aging infrastructure, in the wake of a road collapse accident in the city of Yashio, Saitama Prefecture, in January. At the meeting, the Komeito side called for tax cuts and benefits to be considered as economic measures while keeping in mind financial sources. The LDP side did not respond to this, according to Sakamoto. In response to the day's LDP-Komeito agreement, Junya Ogawa, secretary-general of the main opposition Constitutional Democratic Party of Japan, said at a news conference that it will be "too late and irresponsible" to compile a supplementary budget this autumn.
